– USDCAD reversed from the resistance zone
– Likely to fall to support level 1.4300
USDCAD recently reversed down from the resistance zone between the resistance level 1.4500 (which has been reversing the price from January) and the upper daily Bollinger Band.
The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing – which stopped the earlier impulse wave 3.
Given the strength of the resistance level 1.4500, USDCAD can be expected to fall to the next support level 1.4300.
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